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Do we all pay 40% tax ?
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<blockquote data-quote="Evans Electric" data-source="post: 486118" data-attributes="member: 1408"><p>Am I losing it ? Someone check my maths please. </p><p></p><p>Scenario : </p><p></p><p>I do a job for a builder , I get Forumite Andy ,say, to help me ...we want £1000 each from the job .</p><p></p><p>Materials cost £1000 incld. VAT . I invoice builder for £3000 showing labour @ £2000 for CIS</p><p></p><p>Builder deducts £400 <span style="color: #2980b9">HMRC get £400 income tax</span></p><p></p><p>I pay Andy £800 with a CIS docket to show tax is paid.</p><p></p><p>I pay for the materials £833.33 <span style="color: #2980b9">HMRC get £166.70 in VAT</span></p><p></p><p>I then have to buy four tyres for my private car + a washing M/c £800 <span style="color: #2980b9">HMRC get £ 160.00 in VAT </span></p><p></p><p>Andy also has to spend £800 on non- business goods <span style="color: #2980b9"> HMRC get £ 160.00 in VAT </span> </p><p></p><p>OK I earned £800 </p><p></p><p>Andy earned £800</p><p></p><p>HMRC earned £886.70 without leaving their office. </p></blockquote><p></p>
[QUOTE="Evans Electric, post: 486118, member: 1408"] Am I losing it ? Someone check my maths please. Scenario : I do a job for a builder , I get Forumite Andy ,say, to help me ...we want £1000 each from the job . Materials cost £1000 incld. VAT . I invoice builder for £3000 showing labour @ £2000 for CIS Builder deducts £400 [COLOR=#2980b9]HMRC get £400 income tax[/COLOR] I pay Andy £800 with a CIS docket to show tax is paid. I pay for the materials £833.33 [COLOR=#2980b9]HMRC get £166.70 in VAT[/COLOR] I then have to buy four tyres for my private car + a washing M/c £800 [COLOR=#2980b9]HMRC get £ 160.00 in VAT [/COLOR] Andy also has to spend £800 on non- business goods [COLOR=#2980b9] HMRC get £ 160.00 in VAT [/COLOR] OK I earned £800 Andy earned £800 HMRC earned £886.70 without leaving their office. [/QUOTE]
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Do we all pay 40% tax ?
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